Illinois General Assembly - Bill Status for HB0376
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 Bill Status of HB0376  95th General Assembly

Short Description:  INC TAX- COLLEGE SAVINGS PLAN

House Sponsors
Rep. Jack D. Franks - Barbara Flynn Currie - Michael Tryon - Robert S. Molaro - Elizabeth Coulson, Deborah L. Graham, Linda Chapa LaVia, Aaron Schock, Harry Osterman, John A. Fritchey, Sara Feigenholtz, Ron Stephens, Jim Watson, Carolyn H. Krause, Marlow H. Colvin, Joseph M. Lyons, Daniel J. Burke, Monique D. Davis, Rich Brauer, Kenneth Dunkin, Chapin Rose, Mike Boland, Michael K. Smith, Richard T. Bradley, Kevin A. McCarthy, Karen May, James H. Meyer, Thomas Holbrook, Fred Crespo, Jay C. Hoffman, David R. Leitch, Mike Bost and Naomi D. Jakobsson

Senate Sponsors
(Sen. James F. Clayborne, Jr. - Jeffrey M. Schoenberg - Kimberly A. Lightford - Pamela J. Althoff - Don Harmon, Jacqueline Y. Collins, Michael W. Frerichs, Linda Holmes, David Koehler, Michael Bond, John M. Sullivan and Michael Noland)

Last Action
DateChamber Action
  8/3/2007HousePublic Act . . . . . . . . . 95-0023

Statutes Amended In Order of Appearance
15 ILCS 505/16.5
35 ILCS 5/203from Ch. 120, par. 2-203


Synopsis As Introduced
Amends the State Treasurer Act. Removes the requirement that the State Treasurer adjust each account at least annually to ensure compliance with the requirements of the College Savings Pool. Provides that the Treasurer shall limit the contributions that may be made on behalf of a designated College Savings Pool beneficiary based on the limitations established by the Internal Revenue Service (now, based on an actuarial estimate of what is required to pay tuition, fees, and room and board for 5 undergraduate years at the highest cost eligible educational institution). Amends the Illinois Income Tax Act. Provides that for taxable years beginning on or after January 1, 2007, distributions from certain qualified tuition programs under the Internal Revenue Code that are administered by other states are exempt from the requirement that a distribution from an Internal Revenue Code qualified tuition program be included when determining adjusted gross income for purposes of determining base income. Requires taxpayers to add to their base income an amount equal to the amount previously deducted for deposits into a qualified tuition program if the moneys are transferred from a qualified tuition program that is administered by the State to an out-of-state program. Makes other changes. Effective immediately.

Actions 
DateChamber Action
  1/23/2007HouseFiled with the Clerk by Rep. Jack D. Franks
  1/26/2007HouseFirst Reading
  1/26/2007HouseReferred to Rules Committee
  1/31/2007HouseAssigned to Financial Institutions Committee
  2/8/2007HouseAdded Chief Co-Sponsor Rep. Robert S. Molaro
  2/8/2007HouseAdded Chief Co-Sponsor Rep. Michael Tryon
  2/8/2007HouseAdded Chief Co-Sponsor Rep. Elizabeth Coulson
  2/8/2007HouseChief Co-Sponsor Changed to Rep. Robert S. Molaro
  2/8/2007HouseChief Co-Sponsor Changed to Rep. Elizabeth Coulson
  2/16/2007HouseAdded Chief Co-Sponsor Rep. Barbara Flynn Currie
  2/16/2007HouseRemove Chief Co-Sponsor Rep. Michael Tryon
  2/16/2007HouseAdded Chief Co-Sponsor Rep. Deborah L. Graham
  2/16/2007HouseAdded Co-Sponsor Rep. Michael Tryon
  2/16/2007HouseAdded Co-Sponsor Rep. Linda Chapa LaVia
  2/16/2007HouseAdded Co-Sponsor Rep. Aaron Schock
  2/16/2007HouseAdded Co-Sponsor Rep. Harry Osterman
  2/16/2007HouseAdded Co-Sponsor Rep. John A. Fritchey
  2/16/2007HouseAdded Co-Sponsor Rep. Sara Feigenholtz
  2/21/2007HouseAdded Co-Sponsor Rep. Ron Stephens
  2/21/2007HouseAdded Co-Sponsor Rep. Jim Watson
  2/21/2007HouseAdded Co-Sponsor Rep. Carolyn H. Krause
  2/21/2007HouseDo Pass / Short Debate Financial Institutions Committee; 020-000-000
  2/22/2007HousePlaced on Calendar 2nd Reading - Short Debate
  2/22/2007HouseAdded Co-Sponsor Rep. Marlow H. Colvin
  2/22/2007HouseAdded Co-Sponsor Rep. Joseph M. Lyons
  2/22/2007HouseAdded Co-Sponsor Rep. Daniel J. Burke
  2/22/2007HouseAdded Co-Sponsor Rep. Monique D. Davis
  2/22/2007HouseAdded Co-Sponsor Rep. Rich Brauer
  2/22/2007HouseAdded Co-Sponsor Rep. Kenneth Dunkin
  2/22/2007HouseAdded Co-Sponsor Rep. Chapin Rose
  2/22/2007HouseAdded Co-Sponsor Rep. Mike Boland
  2/22/2007HouseAdded Co-Sponsor Rep. Michael K. Smith
  2/23/2007HouseSecond Reading - Short Debate
  2/23/2007HousePlaced on Calendar Order of 3rd Reading - Short Debate
  2/28/2007HouseRemove Chief Co-Sponsor Rep. Deborah L. Graham
  2/28/2007HouseAdded Chief Co-Sponsor Rep. Michael Tryon
  2/28/2007HouseAdded Co-Sponsor Rep. Deborah L. Graham
  2/28/2007HouseRemoved Co-Sponsor Rep. Michael Tryon
  2/28/2007HouseThird Reading - Short Debate - Passed 113-000-000
  2/28/2007HouseAdded Co-Sponsor Rep. Richard T. Bradley
  2/28/2007HouseAdded Co-Sponsor Rep. Kevin A. McCarthy
  2/28/2007HouseAdded Co-Sponsor Rep. Karen May
  2/28/2007HouseAdded Co-Sponsor Rep. James H. Meyer
  2/28/2007HouseAdded Co-Sponsor Rep. Thomas Holbrook
  2/28/2007HouseAdded Co-Sponsor Rep. Fred Crespo
  2/28/2007HouseAdded Co-Sponsor Rep. Jay C. Hoffman
  2/28/2007HouseAdded Co-Sponsor Rep. David R. Leitch
  2/28/2007HouseAdded Co-Sponsor Rep. Mike Bost
  3/1/2007SenateArrive in Senate
  3/1/2007SenatePlaced on Calendar Order of First Reading March 2, 2007
  3/1/2007SenateChief Senate Sponsor Sen. James F. Clayborne, Jr.
  3/1/2007SenateAdded as Alternate Chief Co-Sponsor Sen. Jeffrey M. Schoenberg
  3/1/2007SenateAdded as Alternate Chief Co-Sponsor Sen. Kimberly A. Lightford
  3/2/2007SenateAdded as Alternate Chief Co-Sponsor Sen. Pamela J. Althoff
  3/2/2007SenateAdded as Alternate Chief Co-Sponsor Sen. Don Harmon
  3/2/2007SenateAdded as Alternate Co-Sponsor Sen. Jacqueline Y. Collins
  3/6/2007SenateFirst Reading
  3/6/2007SenateReferred to Rules
  3/14/2007HouseAdded Co-Sponsor Rep. Naomi D. Jakobsson
  3/30/2007SenateAssigned to Revenue
  4/12/2007SenateAdded as Alternate Co-Sponsor Sen. Michael W. Frerichs
  4/18/2007SenateAdded as Alternate Co-Sponsor Sen. Linda Holmes
  4/18/2007SenateAdded as Alternate Co-Sponsor Sen. David Koehler
  4/18/2007SenateAdded as Alternate Co-Sponsor Sen. Michael Bond
  4/19/2007SenateAdded as Alternate Co-Sponsor Sen. John M. Sullivan
  4/19/2007SenateDo Pass Revenue; 009-000-000
  4/19/2007SenatePlaced on Calendar Order of 2nd Reading April 20, 2007
  4/25/2007SenateAdded as Alternate Co-Sponsor Sen. Michael Noland
  5/15/2007SenateSecond Reading
  5/15/2007SenatePlaced on Calendar Order of 3rd Reading May 16, 2007
  5/23/2007SenateThird Reading - Passed; 056-000-000
  5/23/2007HousePassed Both Houses
  6/5/2007HouseSent to the Governor
  8/3/2007HouseGovernor Approved
  8/3/2007HouseEffective Date August 3, 2007
  8/3/2007HousePublic Act . . . . . . . . . 95-0023

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